Perils AG estimates losses from windstorm Klaus at Euro1.55B

by Artemis on May 12, 2009

Perils AG, the company set up by a group of leading reinsurers to aggregate and distribute European catastrophe loss data (blogged about previously here) has released it’s own estimates for European windstorm Klaus which hit France and Spain in January. They’ve released a figure of €1.55b ($2.12b) which comes in the range issued by the U.S. risk modelling agencies earlier this year. Although Perils will not be providing services until next year they have taken this particular catastrophe as a good opportunity to demonstrate their methodology to potential customers.

This press release also gives us an opportunity to reiterate the idea that data produced by an organisation such as Perils could be utilised as an index or benchmark for industry loss warranties and other forms of insurance-linked security (potentially even windstorm futures). Having a European focused source of such data could be just the push the risk transfer markets need to increase issuance and liquidity within Europe.

Read the full press release on the Perils website.

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